Foreword Dear readers This year Swiss Re celebrates its 150th anniversar Since the time of our foundation in 1863 the world has changed a lot. And insurance has been an instrumental part of this change We all know that without risk protection, no skyscraper could be built, no products marketed, no goods shipped Insurers and reinsurers have become key risk takers and ultimately the shock absorbers in today' s evermore interconnected and volatile world But the insurance industry does still more. Premiums are invested on a long term basis in different financial assets. Through their investments insurers and reinsurers provide capital to the real economy and support the production and provision of goods and services Swiss Re is proud to be part of this process. Initial types of insurance and reinsurance were used long before Swiss Re came into existence. some already in ancient times. But with the expansion of global trade, the industrial revolution, and the advent of social security our industry rapidly gathered momentum, and Swiss Re evolved with it. Our own past and present would not have been possible without our clients and their hard work to develop the global insurance markets 2 Swiss Re A History of Insurance2 Swiss Re A History of Insurance Foreword Dear readers This year Swiss Re celebrates its 150th anniversary. Since the time of our foundation in 1863 the world has changed a lot. And insurance has been an instrumental part of this change. We all know that without risk protection, no skyscraper could be built, no products marketed, no goods shipped. Insurers and reinsurers have become key risk takers and ultimately the shock absorbers in today’s evermore interconnected and volatile world. But the insurance industry does still more. Premiums are invested on a long term basis in different financial assets. Through their investments, insurers and reinsurers provide capital to the real economy and support the production and provision of goods and services. Swiss Re is proud to be part of this process. Initial types of insurance and reinsurance were used long before Swiss Re came into existence, some already in ancient times. But with the expansion of global trade, the industrial revolution, and the advent of social security our industry rapidly gathered momentum, and Swiss Re evolved with it. Our own past and present would not have been possible without our clients and their hard work to develop the global insurance markets